» Loan Agreement Templates

Loan Agreement Templates

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A loan agreement is a legal document that is designed to create a written agreement between a lender and borrower. Once the lender and borrower have come to an agreement, the terms and conditions of the Note would be set fourth into a written agreement. A loan is expected to be repaid within the parameters of the written agreement as stated

Late-Payment – If the borrower anticipates that they may be late on their payment, they must contact the lender and make arrangements with the lender. Additional late fees may apply

Default – Should the borrower default due to their failure to pay, the interest rate shall continue to accrue according the agreement, as set forth by the lender, on the balance of the loan until the loan is paid in full

By Type

Family Loan Agreement – For the borrowing of money from one family member to another.

I Owe You (IOU) – The acceptance and confimation of money that has been borrowed from one (1) party to another. Does not commonly give details about how or when money will be paid back or list any interest rate, payment penalties, etc.

Loan Release Form – After a note has been paid-in-full this document should be issued as proof that the borrower has satisfied their debt.

Personal Loan Agreement – For most loans from individual to individual.

Secured Promissory Note – Loan agreement that lists assets that are to be handed to the lender if the payment is not made in accordace with the form.

Unsecured Promissory Note – Similar to a standard loan agreement, a document that lists a promise to pay with dates, interest rate, and penalties (if any).

How to Write

Step 1 – Loan Amount –

  • Submit the loan amount agreed upon by the parties

Step 2 – The Parties –  Complete the following:

  • A Borrower’s name
  • Mailing address
  • City
  • State
  • AND
  • The Amount Lender agrees to loan
  • Mailing address
  • City
  • State

Step 3 – Payment – Read the statement:

  • Check the box that would best indicate the lender’s preference of repayment
  • Provide the required payment information within the selection in mm/dd/yy format
  • Enter the day of each month that the payment shall be due, in dd/mm/yy format

Step 4 – Interest –

  • The lender must check the applicable box and indicate an amount of interest (if any)

Step 5 – Titled Sections –  Review the following:

  • Remedies
  • Events of Acceleration (a and b)
  • Acceleration
  • Subordination
  • Waivers by Borrower
  • Expenses (enter the state in which the loan is executed)
  • Governing Law
  • Successors

Step 6 – Signatures – Must include witness signatures:

  • The Borrower’s signature
  • Printed name
  • AND
  • The Lender’s signature
  • Printed name
  • AND
  • Two (2) Witness signatures
  • Printed names